Siacoin

What is Siacoin (SC)?

Siacoin is a P2P, decentralized cloud storage platform based on the blockchain, wherein network participants may rent and utilize excess bandwidth and storage space from others.

There are no central authorities here, which implies that its whole system has been democratized through the utilization of its decentralization and P2P system.

Origins And Creators

The idea surrounding Siacoin cloud storage saw its initial presentation at an MIT hackathon, with Luke Champine and David Vorick being the ones to present it. These two then founded Nebulous Inc., which is Siacoin’s parent firm, in 2014. The following year, in 2015, Siacoin’s beta network was launched, with the team receiving around $750,000 in funding. During that same year, by its end, Champine and Vorick released the Siacoin storage network’s final version.

Ever since they began their journey as this dynamic duo, Champine and Vorick have integrated several developers as part of their team, and the Siacoin network has continued to evolve and develop as a result.

The Idea Behind Its Creation

As for the idea behind the Siacoin network, it was to create a blockchain-based storage system that is completely encrypted and decentralized—a P2P solution that is highly affordable.

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Technical Aspects of Siacoin

This section will cover a few of the technical underpinnings of Siacoin, i.e., the things that get it going.

The Blockchain Backbone

The blockchain underlying Siacoin functions a bit like Bitcoin’s, but with modifications that allow it to effectively exchange and store files.

Moreover, these files are scattered throughout various distinct nodes, with no single node having access to them. Even if certain nodes somehow acquired a hold of renters’ private keys, they would only have a mere fraction of the files being stored.

This implies that Siacoin may provide a consistently high uptime, much like Bitcoin, all while guaranteeing that users won’t have to trust one another to store files while utilizing the network.

Renters are further secured from malicious hosts through the requirement of proof of storage. In other words, hosts are compelled to prove that they have been properly preserving the renters’ data and that they are online.

Decentralized Cloud Storage

On Siacoin, anyone may be a host and a renter. The hosts are essentially those storage providers, and the ones using that storage, i.e., the users, are the renters, both of whom form the framework for the decentralized cloud storage platform that is Siacoin.

Proof-of-Work and Mining

Siacoin is reliant on the PoW (Proof-of-Work) consensus mechanism. This implies that the network’s native token is minted as block rewards for miners, who are responsible for producing the additional blocks to be added within the network.

Benefits of Using Siacoin

Here, we will be going through some of the benefits that one may commonly associate with Siacoin, namely its security, decentralization, and affordability.

Security Aspects

With Siacoin’s decentralized storage solutions, users are provided with various security measures. For one, their data is encrypted automatically.

Moreover, when you store data throughout a distributed P2P network, users may benefit from improved data security via redundancy.

Data redundancy refers to the practice where numerous copies of any particular portion of data can be stored within several distinct locations, which is considered to be an optimal practice for ensuring that the data has been safely kept.

Cost-efficiency

It’s worth noting that even after so many solutions flooded the market since its launch, Siacoin has remained one of the cheapest available in regard to storage costs.

Decentralization Perks

Since Siacoin is decentralized, you will find a lot of the usual perks commonly associated with decentralization here, like trustlessness, reduced points of failure, and less censorship.

In other words, the chances of data being manipulated here are extremely minimal, which, again, brings Siacoin’s security elements into the mix, which we discussed earlier.

Market Competition

Within this section, we will discuss how Siacoin fares against some of its alternatives, like Filecoin and Storj.

Siacoin vs Filecoin

In terms of storage costs, Filecoin may have an upper hand—a significant one at that. Not only that, but its native token’s value and market capitalization are substantially higher as well.

Therefore, in terms of investment potential and utility, Filecoin might have an edge over Siacoin.

Siacoin vs Storj

Siacoin is more affordable than Storj when it comes to storage costs and may therefore present more utility in that regard. However, when speaking from an investment perspective, things can be a bit different, as, like with the comparison with Filecoin earlier, Storj’s market capitalization and token value are both higher, exhibiting greater investment potential, therefore making it more tempting to investors.

Using Siacoin for Storage

With conventional cloud storage services such as Google Drive and Dropbox, the user experience can be quite friendly, and the integration with various applications has been made seamless.

Using Siacoin as a storage service, unlike its conventional counterparts, can have a bit of a learning curve and might not come with as many features.

Still, it is definitely the cheaper option, not to mention secure, and using it might be worthwhile solely for that.

SC Token

Let’s now focus a bit more on its native token itself, SC, and the roles it plays within Siacoin’s ecosystem, along with a bit of its tokenomics.

Role And Utility

The SC token derives its utility from the fact that it’s the only means by which any payment can be conducted on Siacoin, whether users enter into host or renter agreements or even when it comes to rewarding miners. The token is therefore an integral driving force behind the network’s functionality.

Tokenomics

The token does not have a maximum supply since it follows an inflationary model, which puts downward pressure on its price. As of now, its circulating supply is well over 51 billion tokens, and such a supply is certainly reflected in its price, which is around $0.002. As for its market capitalization, it is slightly over $149 million.

Earning SC Tokens

On Siacoin, the only way to earn SC tokens is by becoming a host and giving out your extra storage space to those who need it.

How to Buy SC Tokens on Binance

Now, if you are interested in getting some SC tokens for yourself, then you can do that on a ton of exchanges out there. However, in this article, we will show how that can be done on Binance.

Creating a Binance Account

You can start by creating an account on Binance, which you can do by clicking the link below. Fill in whatever’s required on the registration page, which shouldn’t take that long.

Security Measures

The security measures that you can undertake here to protect your account boil down to two options: 2FA and biometric scanning. Visit its security page and follow the instructions provided by Binance if you want to set up these options.

Funding Your Binance Account

Next, you will need to deposit some funds into the account you just created. So, on Binance’s deposit page, select a token and the network for it. Copy and then paste the deposit address that will be generated into any external service where you’ve got an account to make the transfer from there.

Navigating and Purchasing

Once your account has some funds in it, you can move on to buying some SC tokens now. From its homepage, you can select from the various options that you can use to place your order, including spot, futures, P2P trading, or simply converting tokens.

Withdrawing SC to Your Wallet

Once your order has been completely processed, you can move on to withdrawing the tokens you just acquired. Head over to Binance’s withdrawal page, choose the SC token, the network for it, specify the amount, and then paste your wallet’s address into the withdrawal field. Confirm your withdrawal, then.

Future Prospects of Siacoin

How does the future look for this platform as a whole, in terms of any future updates or features and market predictions? Let’s take a brief look at that below.

Market Predictions

Current market sentiments for Siacoin’s native token appear bearish, and the token has been on a downward trajectory for quite a while now.

So, the notion of it gaining momentum anytime soon seems unlikely, and whether or not it will see any hike in the long term is highly speculative considering the nature of the token. Still, if you believe that this token has potential later on, then now wouldn’t be a bad time to acquire it.

Upcoming Updates And Features

Earlier, we highlighted that the user experience isn’t exactly beginner-friendly. However, it has a few applications being developed that may just change that. These include rentered, hostd, and walletd, all of which will make the experience a bit more seamless. Rentered, for instance, happens to be a consumer-facing application that can be used to create contracts and purchase network storage. Walletd, on the other hand, will be the focal point through which SF (Siafund) and SC tokens can be interacted with. As for hostd, it’s an administrative panel where network storage providers may organize their operations.

Conclusion

While Siacoin may have several alternatives or competitors that offer much the same, and sometimes with even better rates, it is still one of the more well-known storage networks within the space, probably because it is one of the oldest networks to do what it does.

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Therefore, we are not responsible for the investment decision in Siacoin and the resulting loss.

Siacoin Basics

Here are some factors that investors should consider before investing in Siacoin.

Cryptocurrency Features	Siacoin (SC)
Publisher or Developers	David Vorick, Luke Champine
Headquarters (Registration Number)	Boston
Symbol	SC
Platform	Sia Blockchain Network
Published Date (CMC Registration)	2024-10-25
Max Supply	No limit

Reliability Score of Siacoin in 2024

These are indexes mesuring the investment reliability of Siacoin conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 6 Exchanges
Number of Available Pairs Worldwide	114 Pairs
Market Cap of the Cryptocurrency	485,715,493 USD (Rank #111)

The table above shows the result of investment suitability evaluation for Siacoin.
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Siacoin Price

Here are the price and recent trading volume of Siacoin. (Data of 2024-10-26 00:55:00)

Price Items	Price and Trading Volume of Siacoin
Siacoin Price	0.005 USD
Price Change 24h	-1.62%
Price Change 7d	-3.31%
Trading Volume 24h	2,905,024 USD
Trading Volume Change 24h	-19.39%

Cryptocurrency Metadata

You can check the development status and social media information of Siacoin through the links in the table below.

Metadata Source	URL
🌎 Official Website	https://sia.tech/
📖 White Paper	https://sia.tech/sia.pdf
🛰️ Source Code (GitHub)	https://github.com/SiaFoundation
🐦 Twitter	https://twitter.com/Sia__Foundation
🤖 Reddit	https://reddit.com/r/Siacoin
🎺 Message Board

Where to Buy Siacoin

Here are the top ten world crypto exchanges where traders can buy Siacoin in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Listed	https://www.binance.com/en/trade/SC_USDT
Coinbase	Not listed
Kraken	Listed	https://pro.kraken.com/app/trade/sc-usd
KuCoin	Not listed
Bitfinex	Not listed
OKX	Listed	https://www.okx.com/trade-spot/sc-usdt
Huobi	Listed	https://www.htx.com/en-us/trade/sc_usdt
Bitstamp	Not listed
Bybit	Listed	https://www.bybit.com/trade/usdt/SCUSDT
Gate.io	Listed	https://www.gate.io/trade/SC_USDT

Frequently Asked Questions